NLMK appeals dismissal of $7.4 mln suit against steel tycoons

Context

MOSCOW, January 20 - RAPSI. A court registered an appeal filed by Novolipetsk Iron and Steel Works (NLMK) against the dismissal of its $7.4 million lawsuit against two former Maxi-Group top managers, Nikolai Maximov and Alexander Loginovskikh, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com) on Friday.

NLMK is Russia's leading steelmaker. It acquired a 50-percent plus one share stake in Maxi-Group in December 2007.

The Moscow Commercial Court held against NLMK's suit against the Maxi-Group top managers on July 29 and the appellate court upheld the judgment on October 19.

NLMK filed its lawsuit against Maximov and Loginovskikh in the interest of Maxi-Group. NLMK claims Maximov inflicted losses on Maxi Group by transferring corporate money to the bank account of Metallurgical Holding, owned by Maxi-Group. Then the funds were transferred to his wife's account. The interest was remitted to Loginovskikh.

Maximov argued that the disputable operations were a part of Maxi Group's investment program. Besides, the funds were later returned to the Metallurgical Holding's account, he added.

The parties have been involved into litigations for several years now.

12:43 20/01/2012 A court registered an appeal filed by Novolipetsk Iron and Steel Works (NLMK) against the dismissal of its $7.4 million lawsuit against two former Maxi-Group top managers, Nikolai Maximov and Alexander Loginovskikh.

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